All Forum Posts by: Tiprin Lujan

How do you all give notice for rent increase and lease renewal in advance if you don't know what the CPI will be?

My local ordinance in Pomona, CA caps rent increases at the lesser of 4% or the percent change in CPI for the period before the effective date of the increase. Rent will increase in August and the June CPI won't come out until Aug 13th. I prefer to give renewal letters 60 days in advance.

Link to Ordinance:https://www.pomonaca.gov/home/...  

Link to CPI-U: https://www.bls.gov/regions/west/news-release/consumerpriceindex_losangeles.htm

I was thinking of adding a line in the renewal letter stating that the property is subject to this ordinance and rent will be adjusted if necessary. If the CPI is lower than 4% I would give the tenant a refund for the difference. Just curious if anyone else is doing this. 

Last year I had rental losses totaling -$15,727 and unemployment income of $4,500. TurboTax combined the two which resulted in an AGI of $-11,227. It indicated I took the standard deduction and put the full -$15,727 loss on "QBI loss carryover from Form 8895 line 16". 

1. Why did the full amount end up on line 16 and not the AGI of -$11,227?

-I suspect my standard deduction reduced the $4,500 and left the -$15,727 remaining. Am I correct?

2. Does this mean this loss will be treated as passive and therefore only reduce passive income in future years? OR does the "Rental Real Estate Loss Allowance" apply to my situation and now I have a Net Operating Loss that can be applied to any income in future years (passive or non-passive)?

3. Is there a distinction between QBI Passive Losses and non-QBI Passive Losses? If I do not elect the safe harbor to qualify these properties as qualified businesses in future years, will I end up carrying these losses and generating suspended losses on non-QBI properties?